Today’s AUD/USD Signals
Risk 0.50%.
Trades may only be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Long Trades
- Go long following some bullish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.7060 or 0.6970.
- Put the stop loss 1 pip below the local swing low.
- Move the stop loss to break even once the trade is 20 pips in profit.
- Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trades
- Go short following some bearish price action on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 0.7200.
- Put the stop loss 1 pip above the local swing high.
- Move the stop loss to break even once the trade is 20 pips in profit.
- Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
AUD/USD Analysis
There is no change in my technical outlook for this pair. The general trend is still bearish as the trade war between the US and China continues, and no signs of any breakthrough seem to appear yet. Chinese markets are very important for the Australian economy. The pair tested its lowest level since December 2016, and monetary policy divergence between the Federal Reserve and the Australian Central Bank will continue to put lower pressure on the pair.
There is nothing important due today concerning the AUD. Regarding the USD, there will be the release of the Job Opening Data.